By Susanne Posel
Jamie Dimon, CEO of JPMorgan Chase & Co. is a serving member of the board of the Federal Reserve Bank.
Dimon was given his seat on the Fed’s board in 2007. He has enjoyed his position throughout the financial crisis that his and several other mega-banks have caused through irresponsible behavior on the global stock market.
Dimon is not the only banking executive to serve two masters.
Along with Dimon, the New York Fed board includes CEO’s from Banco Popular de Puerto Rico, Solway Bank, heads of Macy’s Department Store, the Metropolitan Museum of Art and representatives from Columbia University.
Senator Elizabeth Warren wants to see Dimon resign from the Federal Reserve Board. She told CBS, “I’d like to see Jamie Dimon, for example, resign from his position as a Class A director of the New York Federal Reserve Bank. The banks cannot regulate themselves.”
Senator Bernie Sanders, who has been calling for a revision of the Fed, told CNN’s Wolf Blitzer:
The conflicts of interest are so apparent that they’re laughable. Here you have the Fed, which is supposed to regulate Wall Street. Then you have the CEO of the largest Wall Street company on the board which [it] is supposed to be regulating. This is the fox guarding the henhouse.The Federal Reserve Act of 1913 states that bankers should hold seats on the Fed’s regional boards. This addition was meant to allude to some semblance of decentralization of the Fed’s board members; however the clause has only served to bring the corruption closer to home.
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